Estimate, budget, and track costs to stay on target
Before starting a project, it is important to plan it well and to clearly define the associated costs.
This training will help you understand the benefits of detailed planning and budgeting.
Managing project costs means being able to estimate, budget and control costs at each stage of the project life cycle in order to respect the validated budget.
Controlling costs aims to prevent overruns, limit risks and optimize future planning.
Is it for you ?
Project supervision and coordination positions, team leader positions and management positions.
Prerequisites
• Have participated in at least one project
• Ideally, follow : GP108 - Project Management: Developing the Leadership of the Project Manager and GP109 - Project Management: The New Role of the Project Manager
What You'll Walk Away With
- ✓ Estimate project costs by factoring in resources, duration, and risks
- ✓ Build detailed budgets by allocating costs across tasks using WBS
- ✓ Plan human and material resources effectively
- ✓ Track cost variances and implement appropriate corrective actions
- ✓ Manage financial impact of changes with structured approval and tracking processes
Training content
During the training, the participant will see the key elements necessary to estimate, budget and control the costs, in order to respect the budget planned for the delivery of his project.
1 What are the steps of cost management
- How to ensure resource planning (people and equipment), based on the work breakdown structure (WBS)
- How to estimate costs: what information to take into account (resources, duration, risks...).
- How to budget costs: or how to break down the budget into tasks.
- How to control the costs: measure the variances and take corrective actions.
2 Interventions according to the level of accuracy
- Preparing the project estimate
- Have a good understanding of the required resources
- Validate the project scope to avoid underestimates
3 Integrating a change
- Identifying the financial impact
- How to find the balance between flexibility and budget overruns, to favor value creation and avoid "while you're at it" at all costs.
4 Taking action
- Proposing a financing plan for the change request
- How to establish a change control and monitoring process
- Who is affected by the change
- Who validates the change request
- Difference in treatment depending on the magnitude of the change: minor vs. major changes.
Keep in Mind
Topics seen: cost, budget, contingency, change, estimates
📌 Practical information
Our training sessions are offered in Montreal or Quebec City, in person or in a virtual classroom. Dates and locations are specified when you select your session below. If you have any questions, check out our FAQ.
